The Central Bank of Nigeria (CBN) has introduced a daily withdrawal limit of N100,000 for transactions conducted through Point-of-Sale (POS) terminals.
This development, aimed at promoting a cashless economy and combating fraud in the banking sector, was detailed in a circular issued to banks, mobile money operators, and other financial agents.
According to the directive, individual customers are restricted to weekly cash withdrawals of N500,000, while POS agents cannot exceed a total daily cash-out limit of N1.2 million.
The CBN also emphasized the need for agents to maintain a clear distinction between banking services and merchant activities, urging strict adherence to new reporting protocols.
To ensure compliance, the apex bank announced plans for random spot checks and warned that any violation of the regulations would attract stiff penalties, including monetary fines and administrative sanctions.
The policy is part of the CBN’s broader agenda to strengthen the financial system, reduce reliance on cash transactions, and foster a safer and more efficient banking environment.
